Optimising financial processes

Posted on:

Something to Consider: How is Technology Changing the Role of the CFO

Something to Consider August 2019 5

How is Technology Changing the Role of the CFO

The top priority on the CEO and CFO agenda for 85% of organizations is to uncover new sources of revenue to fuel growth, according to The Hackett Group.

Today’s CFO has moved away from looking in the rear-view mirror and accounting for what happened yesterday. Near real time business insights enabled by data analytics on top of finance process innovation and automation, have enabled CFOs to shift their operating paradigm.

“Without data, all you have is an opinion”

Smart data insights allow CFOs to better shape, predict and optimize business outcomes. Digital transformation is enabling the CFO and the finance function to be more strategic and add-value to the organization as a whole.

Up to 80% of finance effort is still spent acquiring and preparing data for reporting, leaving as little as 20% for value added analysis and decision making. But smart data innovations are enabling the finance function to focus more on analysis, diagnosis, planning and business partnering with key stakeholders.

Accountancy Age sat down for an interesting interview on this very topic, and how technology is helping change the role of the CFO. You can find it here

Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.